A report out Monday from China’s National Bureau of Statistics indicated that the Chinese economy grew at a 6.4% year-over-year clip in the fourth quarter, its weakest since the first quarter of 2009. Investor worries were compounded by word that South Korean exports, seen as the world’s “economic canary in the coal mine,” cratered by 14.6% during the first 20 days of the year. Last year, they rose 1%.

Stocks made session lows Monday afternoon following a report from the Financial Times that said the US rejected a fresh round of trade talks with China due to the lack of progress on two key issues. According to the report, China refused to budge on “forced” technology transfers and “structural” reforms to its economy.

However, Larry Kudlow, President Trump’s top economic adviser, shot down the report. “There was never a planned meeting that was canceled,” he said on CNBC.

Looking at things on a company-specific level, Arconic shares cratered as much as 25% after the company’s board of directors said it would no longer pursue a sale. Shares recouped a portion of their earlier losses but were still down 16%.

Netflix slid 4.3% despite getting its first Academy Award nomination for best picture.

And eBay surged more than 6% after the billionaire hedge fund manager Paul Singer’s Elliot Management announced a $1.4 billion stake and laid out its five-step plan for creating value. Elliott says shares could be worth $55 to $63 apiece, representing an upside of more than 75% to 100% from Tuesday’s price.

On the commodities front, West Texas Intermediate crude oil plunged more than 3% to below $52 a barrel at session lows.